Long-term debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt was comprised of the following:

						As of June 30, 2021
	June 30, 2021		December 31, 2020		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A	$	1,640,625	$	1,684,375	8/12/2024	LIBOR + 1.50%		$	1,640,625
Term Loan B-1	2,701,978		2,715,694		8/12/2026	LIBOR + 1.75%		$	2,691,846
Revolving line of credit	—		75,000		8/12/2024	LIBOR + 1.50%
Senior Notes:
4.625% Senior Notes	2,750,000		1,750,000		6/1/2030	4.625	%	$	2,825,625
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.750	%	$	1,443,750
Acquisition obligations and other notes payable(2)	151,425		164,160		2021-2036	4.99	%	$	151,425
Financing lease obligations(3)	301,535		274,292		2022-2038	4.68	%
Total debt principal outstanding	9,045,563		8,163,521
Discount, premium and deferred financing costs(4)	(62,865)		(77,717)
	8,982,698		8,085,804
Less current portion	(184,435)		(168,541)
	$	8,798,263	$	7,917,263

(1)For the Company's senior secured credit facilities and senior notes, fair value estimates are based upon bid and ask quotes, typically a level 2 input. For acquisition obligations and other notes payable, the carrying values presented approximate their estimated fair values, based on estimates of their present values using level 2 interest rate inputs.

(2)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and LIBOR interest rate components in effect as of June 30, 2021.

(3)Financing lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding. The term of one ground lease runs to 2070, in addition to the other lease maturity dates presented in the table above.

(4)As of June 30, 2021, the carrying amount of the Company's senior secured credit facilities is reduced by a discount of $4,965 and deferred financing costs of $31,488 and the carrying amount of the Company's senior notes is reduced by deferred financing costs of $43,266 and increased by a debt premium of $16,854. As of December 31, 2020, the carrying amount of the Company's senior secured

credit facilities is reduced by a discount of $5,461 and deferred financing costs of $35,825, and the carrying amount of the Company's senior notes is reduced by deferred financing costs of $36,431.

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate cap agreements outstanding as of June 30, 2021 and December 31, 2020, which are classified in "Other long-term assets" on its consolidated balance sheet: 

						Six months ended June 30, 2021				Fair value
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI gain		June 30, 2021		December 31, 2020
2019 cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024	$	2,754	$	3,761	$	6,432	$	2,671